China's economic growth slumps to lowest since 2009

China`s economic growth slumped to its lowest since 2009 as it grew by 6.5 per cent in the third quarter from a year earlier. The announcement by the Chinese government on Friday comes at a time when Beijing is locked in a bleeding trade war with Washington.

China is a $14 trillion-economy, second after the US. Image courtesy: Reuters

Beijing: China`s economic growth slumped to its lowest since 2009 as it grew by 6.5 per cent in the third quarter from a year earlier. The announcement by the Chinese government on Friday comes at a time when Beijing is locked in a bleeding trade war with Washington.

China`s National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.

China is a $14 trillion-economy, second after the US. No country has risen economically as fast as China, which managed to clock double-digit growth for 30 years until 2013. However, various factors have slowed down the Asian giant`s economic growth.

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China is engaged in a gruelling trade war started by the US, which has slapped tariffs worth $250 billion on Chinese goods in response to "unfair trade" practices by Beijing. Beijing has hit back by imposing additional taxes on American goods worth $110 billion.

US President Donald Trump has shown no signs of talks with China and even threatened tariffs on the remaining Chinese goods worth $267 billion.